Author: Icedcool#4947, Kouros#2107

SUMMARY

The Balancer Liquidity Mining Program has received thorough forum soft consensus and a proposal to fund and kick off the initiative was created and submitted to the Grants Committee.

The Grants Committee attempted to vote on the Balancer Liquidity Mining Program, although five of seven grants committee members are involved with the proposal, and voting on it would generate a conflict of interest.

As such the proposal must go to snapshot for wider approval of the DAO.

Proposal Details:

Authors: Eagle, Grendel, GavWan, AboveAverageJoe, LuukDAO, davoice321, 0x_Lucas, Kouros

Champion: Eagle_lex Bartolus

Date: October 12th, 2021

SUMMARY

In partnership with Balancer, Bankless DAO is looking to launch a dual liquidity mining program on the Balancer 80/20 BANK ETH Pool.

This proposal requests a Season 2 grant of 1,020,000 BANK as incentives for this program. The Balancer Liquidity Mining Committee plans to match our allocation with 480 BAL/week over the same time period.

BACKGROUND

Bankless DAO is strongly committed in its educational purposes and considers Balancer one of the most innovative and reliable DeFi protocols. Some members of the Bankless DAO outbound-grant squad therefore decided to apply for a Balancer grant.

Balancer has approved a grant proposal presented by @eagle and @grendel for up to 10k USD to be paid in BAL + some incentives for a liquidity mining program. We've completed the initial grant and are now prepared for the incentives for the LM program.

Generally speaking, this program should aid in our liquidity issue while providing a token economic boost for the community. With Season 2, members can retain access with BPT tokens. Additionally, we can add the BPT tokens as voting power on Snapshot.

MISSION & VALUES ALIGNMENT

The mission and values of Balancer are aligned with what Bankless DAO considers fundamental in guiding people towards an economically more inclusive and independent life.

SPECIFICATION

Distribute 85,000 BANK per week over 12 weeks via the Balancer Liquidity Mining program. In total, this equates to 1,020,000 BANK which will last for the entirety of Season 2 and some time in Season 3.

The program will start on October 25th, 2021 and end on January 17th, 2022.

The Balancer team will create a frontend UI for us to distribute the rewards on a weekly basis, claimable on Ethereum mainnet.

FINANCIAL IMPLICATIONS

The total expected distribution will entail 1,020,000 BANK for this 12-week program.

SUCCESS METRICS OR KPIS

The aim of the campaign is to mitigate the liquidity issue and provide a moderate utility boost to BANK.

The target APY for the Balancer pool would be around 25% which equates to $4.5M in total liquidity when factoring the BAL matching rewards.